Analytics Firm Reveals Why Dogecoin & Apecoin Hit Tops

Quick Summary:

While positive sentiment can suggest belief in the market, a large amount of it can be an indication of excessive hype, which is something that has historically led to tops for not just memecoins but cryptocurrencies in general.“Prices typically always go the opposite direction of the crowd’s expectations, and when the crowd gets extreme on either the bullish or bearish end, it becomes highly predictable to buy or sell,” explains Santiment.

Now, here is the chart shared by Santiment that shows the trend in this indicator for four assets over the past few months: As displayed in the above graph, Dogecoin and Apecoin both witnessed spikes in the Positive Sentiment vs.

Negative Sentiment Ratio recently, implying a large amount of positive comments related to these coins were made on social media.

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Article Details

Author / Journalist: Keshav Verma

Category: Crypto

Markets: United KingdomIndiaJapan

Topics: Dogecoin Sentiment Dogecoin ApeCoin Dogecoin Top Doge APE Apecoin Top Dogeusdt

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-24 @ 06:00:39 (1 weeks ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 403 words

Reading Time: 3 minutes read

Sentences: 60 lines

Sentence Length: 7 words per sentence (average)

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Copyright Owner: © NewsBTC

News ID: 23220753

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